Former Old Saybrook resident to serve six years for fraud schemes

Former Old Saybrook resident Paul E. Brennan was sentenced today to 71 months in federal prison for defrauding at least 10 victims of more than $370,000, according to Acting U.S. Attorney Deidre M. Daly.

Brennan, 45, a former resident of Old Saybrook and Phoenix, Ariz. with a long criminal history, has been detained since his arrest on February 27, 2013. On June 18, he waived his right to indictment and pleaded guilty to one count of bank fraud and one count of mail fraud.

According the U.S. Attorney’s office, from approximately March 2009 to August 2011, Brennan convinced women with whom he was romantically involved, and other acquaintances, to cash checks for him at financial institutions knowing that the checks were drawn on closed or underfunded accounts and would be returned for nonpayment. He also cashed, or had others cash for him, fraudulent checks at check cashing businesses in Connecticut.

From November 2010 to June 2011, Brennan defrauded individuals by pitching phony investment deals and soliciting money from victims for fraudulent business ventures. He convinced one victim to give him more than $100,000 for property deals and stock market investments, and he convinced others to give him money for investments in fraudulently operated businesses, including BC Property Management and B&D Powerwashing, according to the government. Brennan also persuaded victims to grant him authorization to use their credit cards and lines of credit.

Brennan used much of the money he received from his victims to pay personal expenses.

Brennan’s criminal history dates to 1986, and includes more than 35 convictions for various state offenses, including kidnapping, unlawful restraint, assault, weapons possession, impersonating a police officer, car theft, possession of a stolen vehicle, check fraud and larceny.

The case was investigated by the Federal Bureau of Investigation, the Old Saybrook Police Department and the State’s Attorney for the Judicial District of New London. The case was prosecuted by Special Assistant United States Attorney Kerry L. Quinn.